New Vista Asset Management, a San Diego-based national real estate owned (REO) management and marketing company, and Fannie Mae are teaming up to market foreclosures as affordable housing for minority and low- to moderate-income families. New Vista says this initiative is part of its strategy to prevent further erosion of homeownership rates in minority neighborhoods that have been devastated by recent foreclosure trends.
"Our focus is to market and sell these units directly to first-time and minority home buyers using a national network of real estate professionals with deep roots in those minority communities, as well as initiate consumer-direct outreach efforts to pair up mortgage-ready home buyers to available REO properties," explains Jim Park, CEO of New Vista.
The company is working with leading lenders to create responsible loan programs suitable for first-time and minority home buyers so that these units will be accessible to the home buyers rather than just investors.
